Anheuser-Busch InBev (ABI) CMD 2026 Day 2 Part 1 summary

Culture and Principles

• Emphasis on ownership as a core value, with compensation tied to company performance and simplified, actionable principles guiding behavior globally.

• Shift from an acquisition-driven strategy to a focus on consistent, compounding organic growth, aiming for superior long-term shareholder returns and EBITDA/EPS growth since 2021.

• Building brands consumers love is now a formal principle, tracked through KPIs measuring brand affinity and consumer engagement.

• Talent development is prioritized, with significant leadership time dedicated to governance, long-term planning, and people management.

• Partnerships are chosen based on cultural alignment and commitment, not just commercial terms, to ensure lasting impact.

Strategic Transformation and Growth

• Achieved a 6% organic revenue CAGR and 8.3% EPS CAGR from 2021 to June 2026, outperforming CPG peers.

• Delivered industry-leading earnings growth, with free cash flow reaching $13.9B and EBITDA margin expanding to 35.8%.

• Enhanced capital allocation flexibility, with increased share buybacks and dividends as leverage fell below 3.0x.

• Prioritized investment in megabrands, with over 50% of media spend and 60% of volume now focused on a streamlined portfolio.

• Rebalanced portfolio toward above-core and beyond beer brands, now representing 48% of net revenue, up from 30% in 2018.

Business Model, Portfolio, and Innovation

• Expanded non-alcoholic and beyond beer offerings, with non-alc net revenue up 171% since 2021 and beyond beer net revenue up 73%.

• Investment in non-alcoholic and Beyond Beer segments has led to global leadership and $2B+ in new business, despite initial skepticism.

• Focused on consumer-centric innovation, launching successful products like Michelob ULTRA Zero and Cutwater RTD cocktails.

• Streamlined operations by reducing SKUs and right-sizing the craft footprint, closing or divesting underperforming assets.

• The company avoids shortcuts, focusing on durable, long-term portfolio rebalancing and innovation, especially in the U.S. market.